Online Dating Market to reach $23.80 billion by 2032 according to new market report

New market reports have revealed the Global Online Dating Market is expected to be “one of the most lucrative niches” after it predicted it will reach $23.80 billion by 2032.

A report from Market.Us published last month showed the sector expanding at a compound growth rate of 9.2% from 2022-2033.

Social dating is also projected to have a commanding 37% revenue share over time.

Leading platforms like Tinder, Bumble, eHarmony, and Grindr were reported as ‘key players’ to the rapid increase of the Online Dating Market.

Figures showed the Asia-Pacific region made up 42.3% of the online dating market worldwide, with approximately $4.3 billion, and forecast to hold the largest Global Online Dating Market share.

The gender breakdown showed females reportedly use online dating services more with 32% of females using it compared to 23% of men. However, 11% of adults have financially invested into finding love through online dating apps.

But, the in-depth market researchers warned enhanced protective measures and education needs to be implemented to protect users with online dating scams costing victims more than $500 million each year.